FORT SMITH (AP) — A Fayetteville developer on Wednesday pleaded guilty to conspiracy and money laundering charges that were rooted in a $47 million bankruptcy filing in which he was accused of concealing assets from his creditors.

“The number of creditors whom Mr. Barber defrauded through his illegal activities — as well as the number of banks who were threatened by his actions — is just staggering,” FBI Special Agent in Charge Randall C. Coleman said.

Sentencing will be set later. Barber faces up to 45 years in prison if given consecutive sentences on the convictions. He could be fined $1.5 million.

Federal prosecutors said that starting in 2008 Barber worked with two others to disguise income and hide funds so creditors wouldn’t know about his holdings. As part of the scheme, Barber declared a $47 million bankruptcy in 2009, in which he failed to disclose transfers of funds to the other two individuals, with K. Vaughn Knight and James Van Doren, prosecutors said.

That resulted in the conspiracy to commit bankruptcy fraud charge.

Knight and Van Doren were charged with Barber in a 27-count indictment handed up in March. Barber and three other co-defendants were charged in a separate indictment.

Cases are pending against the other defendants.

Prosecutors alleged a conspiracy to commit bank fraud when Barber allegedly conspired with several people to bilk First Federal Bank by fraudulently representing the purchase price of a number of lots as higher than the actual sale prices. Prosecutors said Barber received $314,000 and two co-conspirators received a total of $650,000.

The government alleged that Barber engaged in money laundering by making a financial transaction involving “criminally derived property.”

Connor Eldridge, U.S. Attorney for the Western District of Arkansas said the FBI and the Internal Revenue Service worked together in the extensive investigation.

“This is a significant step in bringing several individuals involved in committing fraud, including fraud on the federal bankruptcy court, to justice. This case indicates that we are serious about identifying, investigating, and prosecuting those who perpetuate fraud, swindle others out of money, and engage in financial crimes,” Eldridge said.

Asa Hutchinson III, attorney for Barber, said his client was returned to custody after the hearing.

“Obviously, he’ll be sentenced to some time in jail,” Hutchinson said.